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To: yard_man who wrote (187616)	8/13/2002 6:27:28 PM
From: patron_anejo_por_favor	Read Replies (2) \| Respond to of 436258

Not completely dependant on divis...they DO own real assets, should do well in the same deflationary environment that would be expected to tank home prices. They (timberland assets) have historically done well in depressions and recessionary environments in the past. The trade off is they underperform in recoveries ie, they're defensive. Besides, with where interest rates are going, they could probably cut the divi in half and STILL look good....